URGENT: U.S. economy contracts 1.4% in January-March quarter

© Kyodo News

The U.S. economy shrank an annualized real 1.4 percent in the January to March period, its first contraction in nearly two years amid the coronavirus pandemic and rising inflation, Commerce Department data showed Thursday.

The contraction of the inflation-adjusted gross domestic product fell short of the average market forecast of 1.1 percent growth.